VAN HOLLEN, WARREN CALL ON PREDATORY LENDER OPPORTUNITY FINANCIAL ("OPPFI") TO WITHDRAW NATIONAL BANK APPLICATION

WASHINGTON, Oct. 1 -- Sen. Chris Van Hollen issued the following press release:

U.S. Senators Chris Van Hollen (D-Md.) and Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing and Urban Affairs Committee, wrote to Opportunity Financial ("OppFi") to oppose the lender's application to acquire a national bank and become a bank holding company, given that OppFi's business model is built on predatory lending practices, including triple-digit interest rates.

"OppFi-a nonbank lender that provides financial services to consumers through installment loans-brands itself as a lender that 'empower(s) everyday consumers to overcome financial hurdles and build long-term financial stability,'" wrote the Senators. "But, a closer look...